What are the key steps in audit planning?

What are the key steps in audit planning?

The key steps in audit planning include defining the audit scope, assessing risks, and developing an audit strategy.

How do I assess risks during the audit planning process?

To assess risks, identify potential areas of concern, evaluate their impact, and prioritize them based on likelihood.

What documents should I prepare for the audit?

You should prepare financial statements, internal control documentation, and any relevant compliance records.

Can you explain the importance of materiality in audit planning?

Materiality helps auditors determine the significance of financial information and guides the audit focus on key areas.